The Relationship Between Digital Payment, Financial Inclusion, and Business Financial Management Among Muslimah MSMEs

Abstract

The rapid adoption of cashless transactions through QRIS and e-wallets among micro, small, and medium enterprises (MSMEs) has raised questions about its relationship with broader financial outcomes. Despite extensive research on digital payment adoption and financial inclusion as separate topics, few studies have examined how digital payment is statistically associated with access to formal financial services and business financial management within a single analytical framework, particularly among women-owned MSMEs operating within a specific community context. This study addresses that gap by examining the statistical relationships among digital payment, financial inclusion, and business financial management among Muslimah MSMEs, while testing financial inclusion as a mediating variable. Using a quantitative associative, cross-sectional survey design, primary data were collected from 100 Muslimah MSME actors selected through simple random sampling from a population of 135 active members of the Rumah Muslimah by Ummina community. Variables were measured on a five-point Likert scale and analyzed using linear regression and mediation analysis in SPSS. The results reveal positive and statistically significant relationships between digital payment and financial inclusion (β = 0.601; p < 0.001), digital payment and business financial management (β = 0.429; p < 0.001), and financial inclusion and business financial management (β = 0.351; p = 0.001). Jointly, digital payment and financial inclusion account for 48.8% of the variance in business financial management. The Sobel test indicates a significant partial mediation effect (indirect effect = 0.211; z = 3.64; p < 0.001). These findings are specific to the surveyed community and offer practical implications for designing integrated digital financial empowerment programs for similar women-owned MSME communities.